Alibaba revenue soars ahead of IPO

27/08/2014 - 15:29

(Reuters) - China's Alibaba Group Holding Ltd [IPO-BABA.N], which is expected to go public in New York as early as next month, reported a 46 percent jump in quarterly revenue as growth in the world's largest e-commerce market showed no signs of slowing.

Alibaba accounts for about 80 percent of all online retail sales in China, where rising internet usage and an expanding middle-class helped the company generate gross merchandise volume of $296 billion in the 12 months ended June 30.

The company had 279 million active buyers at the end of June, up 50 percent from a year earlier.

Revenue from Alibaba's China commerce business increased about 46 percent to $2.15 billion, accounting for most of the total revenue of $2.54 billion in the first quarter ended June. (http://1.usa.gov/1sBndF6)

Net income attributable to ordinary shareholders nearly tripled to $1.99 billion, or 84 cents per share.

The company said Chairman Jack Ma owned 8.8 percent of the company's ordinary shares and Japan's Softbank Corp <9984.T> 34.1 percent at the end of the quarter.

Yahoo Inc owns almost a quarter of the company.

Alibaba's initial public offering, which could top $16 billion to become the largest-ever technology IPO, is expected after the company starts an investor roadshow next week.

Analysts say the company may be worth $200 billion or more when it goes public, which would make it one of the top 20 companies listed in the United States.

(Reporting by Abhirup Roy in Bangalore; Editing by Joyjeet Das)